Crude Oil: WTI Declines After Hitting at $29.11 Level, OPEC+ Emergency Meeting Postponed

Crude Oil: WTI Declines After Hitting at $29.11 Level, OPEC+ Emergency Meeting Postponed

USDWTI Price Analysis – April 6

West Texas Intermediate (WTI) oil is priced in red on Monday after hitting a $29.11 level as the emergency session of OPEC+ has been delayed. The drop may also be related to Saudi Arabia and Russia’s decision to delay the scheduled emergency session until Thursday to negotiate production cuts.

Key Levels
Resistance Levels: $36.28, $33.60, $30.21
Support Levels: $25.00, $23.16, $21.50

USDWTI Long term Trend: Bearish

USDWTI eliminated more than 10 percent from the closing price on Friday and hit a daily low of $26.46 level in the American session’s early trading hours, but has since regained its losses. A downtrend may start if the level of $25 is breached and a drop to support level of $23.16 follows.

On the contrary, if the pair retreats past the level of $27.40, which will be followed by a $29.11 resistance level, the uptrend can be anticipated to proceed.

USDWTI Short term Trend: Bearish

WTI oil recovered momentum above $27.40 level on the 4-hour time frame and climbed above $28 mark in European trading on Monday, following a gap-lower opening in Asia. New progress is required to fill today’s gap to generate a bullish signal for psychological $29.11 level resistance assault.

A breach of which would reveal critical threshold at $30.21 (down 38.2 percent of $48.64) levels and strong support at $25.00 level is anticipated to re-align with bulls while holding this support.

Instrument: USDWTI
Order: Sell
Entry price: $29.11
Stop: $30.21
Target: $25.00

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.